The Axie Infinity hack that left Gaming in shock.

On the 23rd of March, Sky Mavis, the developer of the rave play-to-earn game Axie Infinity made an announcement that would shock the world of decentralized gaming — Its side-chain Ronin Network has been breached; technically, it is quite a lot to process.

In this piece, we are going to go over the hack that saw over half a billion moved into hackers’ wallets, this is one of the largest breaches in the history of cryptocurrency. To understand the nature of the breach, we will go over the nitty-gritty of the hack in a bid to understand what could have been different and how this will further influence the gaming world:

Axie Infinity has been referred to as one of the early successes in the world of blockchain gaming, popularly referred to as play-to-earn. These games use decentralized protocols to track ownership of in-game items to simplify exchange for players and help them with the resale of these assets, most of which are NFTs and tokens. To play Axie Infinity, players have to purchase at least three NFTs of playable in-game Axies on the open market or lease them from owners. Playing with these Axies makes players earn Smooth Love Portions (SLP). This can power up Axies or it can be placed on the in-market space to be purchased by others.

The main reason behin is to see the speed on the gaming interface get faster and to avoid paying gas fees, the payment on every transaction that takes place on the Ethereum blockchain that Axie Infinity moved from the Ethereum public blockchain to a parallel private blockchain running on Ethereum.

In March of 2020, Axie launched its side-chain, Ronin. It runs on the proof-of-authority rather than the popular proof-of-work that Ethereum uses. Proof-of-authority routes transactions through a set of trusted validators who will confirm any transaction that will take place on the sidechain. Each of the validators or most of the validators have to give permission to any transaction. There are also mechanisms in place to punish actors who go rogue in validating orders.

Ronin’s proof-of-authority system, “centralized in just nine validator nodes”, is the key to its ability to provide a higher volume of transactions at a lower cost than the sprawling Ethereum network. It also ended up being Ronin’s undoing, in this case.

What really happened

The Ronin side-chain has nine validator nodes. These nine authorized wallets are usually controlled by institutions; the majority of them need to sign a transaction for it to be confirmed. The issue with Ronin was that 4 of the 9 multisig keys were held by Sky Mavis, which in itself is a centralized entity and the studio behind Axie.

All the hacker had to do (not meaning that it was easy…) was hack the Sky Mavis centralized server and they had 4 of the 9 validator wallets in their care. Now, this is where the twist comes in. With the four validators, they will still need one more validator to sign off on a transaction before it can happen. However, they were in a bit of luck.

Axie DAO Validator, which is one of the five other independent validators, loaned their multisig to Sky Mavis in November. The reason was to help Sky Mavis validate transactions faster as game players increased.

While Axie DAO Validator received control over the multisig later, the details were not taken off the Sky Mavis centralized server. The hackers also got a hold of this. Now, they can validate any transaction they want.

The hackers took out over $625 million in funds. This is a huge amount of money and the hacker already started to launder the stolen ETH through Tornado cash to ensure anonymity.

What could have ben prevented?

This hack, one that moved this much money, could have been prevented. While Ronin is already working with Chainalysis, Binance as well as law enforcement, this hack shouldn’t have happened in the first place. The first way to have prevented the hack would have more decentralisation. Costly but way more secure.

Like Ronin admitted in their statement, “As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats. We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks.”

This hack could have been prevented if the details of the last verification node that enabled the attack to be carried out — The Axie DAO validator details have been wiped off the Sky Mavis centralized server; this attack would have ended up as an attempt and not one that would have ended up moving over half a billion.

Binance has also paused, for the moment, the Ronin bridge, which is to ensure that no other attack would take place. The linkage bridge will be opened up again once it is sure that no further funds could be drained.

As hackers get wiser and more cunning, DeFi and Play to Earn platforms must stay ahead of the learning curve in order to stay secure and keep the funds of their patron. In that case the lack of decentralization is the main reason of this hack. A lot of protocols are scarifying decentralization to offer cheaper fees and faster transaction, always in detriment of security.

Play to Earn games and blockchain in general is still an early tech but this hack shows that compromising on security almost always end up in a disaster at the cost of the participants.

Maxime Paul

www.atato.com

Crypto hacks and why you need digital asset custody.

Making the case for digital asset custody as hacks increase.

In recent times, the hacks that have tricked non-custodial wallet users into emptying their wallets have become increasingly pronounced; small-time hackers, organized state actors, there seems to be no end in sight for those who target the digital world to carry out attempts at making money off the unsuspecting.

Attacks by individual actors

In November of 2021, Scammers, posing as fake customer support staff, tricked MetaMask users on community platform Discord into sharing their screen and scanned the QR codes needed to unlock their wallets.

According to a Checkpoint Research (CPR) report, users of crypto wallets, MetaMask and Phantom, as well as the crypto swap platform PancakeSwap, were targeted in a crypto phishing scam involving at least $500,000 taken out of the different platforms. Hacks were also reported in December of 2021 as well.

At the turn of the new year, non-custodial wallet hacks were reported on a Reddit post where the author claimed to have lost over $120k worth of crypto assets. The hack was significant in that it got assets off hardware wallets too. Like anyone that has ever been hacked, there is a lack of understanding of what could have been done better. The author writes, “I know since it’s self-custody, it’s obviously still my fault. Aside from probably accidentally clicking a malicious link on the internet somewhere, I’m still at a complete loss of what I could have done better.“

Attacks by state actors

The North Korean threat actor group known as ‘BlueNoroff’ has been spotted targeting cryptocurrency startups with malicious documents and fake MetaMask browser extensions. Starting from the mass hacks of November 2021 and some of the recent play-to-earn game hacks have been carried out by the group. Although BlueNoroff has been active for several years, its structure and operation have been shrouded by mystery.

BlueNoroff steals user credentials that can be used for lateral movement and deeper network infiltration, while they also collect configuration files relevant to cryptocurrency software. A Kaspersky’s report on the group reads in part, “In some cases where the attackers realized they had found a prominent target, they carefully monitored the user for weeks or months,” The main trick employed to steal the cryptocurrency assets is to replace the core components of wallet management browser extensions with tampered versions that are dropped on local memory.

There have been increased cases of crypto scams. Hacking has been on the rise in 2021 as the popularity of crypto and blockchain technology has increased. Unlike fiat scammers, crypto hackers don’t discriminate against the size of your wallet, whether it’s large or small, they love to take it all the same. This is why you have to keep your asset safe. We can do a list of ways to stay safe on wallets, however, the way to stay safe is to have digital asset custody. (You can check our other article on the step-by-step guide to secure your crypto assets).

Hacks and risk management are why you need a custodian.

Digital asset custody is in many ways similar to the custody of traditional financial assets; custodians take responsibility for securely storing investors’ assets and typically also offer other services like access to Dapps. The role of custodians in the institutional cryptocurrency ecosystem can’t be underestimated. Digital asset security is notoriously tricky, even for retail investors who are only generally concerned with the most straightforward transactions and approval processes.

Third-party custody of digital assets (like Atato) gives an extra layer of security to anyone holding digital assets. With a custodian, you can set up different approvers, rules for specific amounts or tokens all depending on your internal risk management policies. A digital asset custodian offers you the possibility to manage your crypto assets in a secure and compliant way.

If you are looking at clarity regarding rules, flexibility, and additional security advantages as touching the operations of the digital custodian you pick, you can signup directly online for free for Atato Custody or contact us for more information.

The Benefits of Digital Asset Custody

Today, digital assets occupy a big part of our day-to-day lives. We view photos and videos online and exchange digital files with our colleagues. Even investments are going digital, with NFTs booming in the past year and the world’s foremost cryptocurrency, Bitcoin, reaching an all-time high of $68,521 just last November.

Bitcoin’s growth in particular is no surprise. This guide to cryptocurrency trends previously predicted that it would grow by 200% this year. So far, it’s exceeding these expectations, with analysts predicting that its value will surpass the six-digit mark this year.

As digital assets continue to enter the mainstream, securing them is now increasingly crucial. One way institutions are doing so is with digital asset custody, which involves third-party services looking after your digital assets for a fee. But why should your organization consider leveraging these services instead of looking after assets on your own? Below are a few benefits to consider.

Simplicity and convenience

As with other tasks that are outsourced, having another party safekeep your digital assets means less work for your organization. Though it’s true that self-custody allows for more control, it involves generating and keeping track of private keys for each asset you own. You’ll need niche technological knowledge not only for setting all this up but also for maintaining the same level of security over time. With third-party custodians, you’ll get the same results without having to lift a finger. This benefit is more pronounced in larger organizations like banking institutions, which usually hold a larger number of digital assets that require more complex processes to be kept safe.

Increased security

While self-custody is a viable option for organizations that have the talent needed to secure digital assets, it’s also more vulnerable to cybersecurity threats. Breaches targeted at businesses occur every 11 seconds on average, and hackers caused a loss of over $10 billion in decentralized finance last year. By hiring third-party custodians, you leverage their security-oriented expertise to your advantage. These firms have the experience needed to more effectively ensure that your digital assets are less likely to be stolen or confiscated by unauthorized individuals or parties. With even the supposedly-unassailable blockchain becoming more susceptible to breaches over time, the increased security digital asset custody provides should not be overlooked.

Reduced risk

Aside from increased security, digital asset custody can also reduce risk in another sense. In our guide on the technology, we mentioned that institutional investment in cryptocurrencies and other digital assets have been especially hindered by the lack of regulation among third-party digital asset custodians. Fortunately, continual mainstream adoption of these assets means vendors now provide more attractive offers for digital asset security. For example, digital asset platform Anchorage recently received a federal banking charter from the US’ Office of the Comptroller of the Currency. In southeast Asia, Atato is one of the only Licensed custodians that received its custody license from the Honk Kong Trust Ordnance. This means they are one of the only firms of their kind to be regulated by an official government agency. Consequently, you can be sure that your assets are safe in the right hands.

A competitive edge

Arguably the most important thing about digital asset custody is that it will put you a step ahead of your competitors. In today’s Digital Age, more consumers are profiting from digital assets. If you cater to individual digital asset investors or find yourself in a position to enter that market, digital asset custody will ensure the quality of your services. Otherwise, your organization can benefit from diversifying your portfolio with a vast array of digital assets — all while simultaneously lowering the risks of your trades. This can help increase the attractiveness of your organization to investors, ensuring long-term growth. Indeed, leveraging digital asset custody is a safe and convenient way to ensure your business thrives moving forward.

Article was specially written for atato.com By Zea Green

How to keep your cryptocurrencies safe.

Recommendations and best practices by Atato.

What do people use?

Exchanges — hardware wallet — mobile on browser extension wallets. There are various possibilities to store and manage crypto today. The 3 most popular ones are:

Where are your keys?

Securing your private keys properly is not a simple task. It implies that you already have some basics in blockchain security and it is not the most user-friendly experience available. The more secure your cryptos are, the more impractical it is to use different decentralized applications. Fortunately, we are working to solve this at atato. 🙂

(Stay tuned and follow us for some exciting announcements!)

Practical recommendations! To secure your crypto, you must use:

A hardware wallet (always purchase them from their original vendors and never from resellers.) Check https://www.ledger.com/ and https://trezor.io/. When setting up your hardware wallet you must secure your recovery seed. That is the most important step to make sure your coins are only accessible by you.

Security First!

While all the above recommendations might look like a very “hardcore security procedure” they are unfortunately mandatory to secure your crypto assets correctly. Crypto, by nature, attracts hackers and fraudulent people and the recourses are often extremely limited. While the blockchain ecosystem is working on providing simpler and more secure solution choices are not many today. Following the above recommendations will surely help avoid most of the most common crypto security issues that we are seeing happening every day.
At atato, we are aware of those issues and are working on solving this major pain point with some innovative applications. Follow us or register to this page to get exclusive access to our app where security and convenience are built together.
Stay tuned!

Why do you need a crypto custodian?

Secure your digital assets with atato custody

The traditional way.

Custodial solutions are not new. Financial institutions (primarily banks) generally provide the secure storage of financial products to take out the risks from their clients. They also offer insurance and additional services to issue or manage the funds in their custody. Such services typically include security software, reports, market making, and many others.

Crypto-custodial solutions have mostly been built on the same model. A custodian would offer cryptocurrencies wallet and storage while aggregating holdings of multiple clients to provide financial services on top of the underlying security. In this sense, crypto-custodial solutions have become active asset management on behalf of clients.

How does it work?

Custodians generally offer a secure solution to store and manage cryptocurrencies. They often use multi-signature wallets, HSM, or multi-party computation solutions. The wallet holds the cryptographic keys required to access, transfer, and claim a token or cryptocurrency ownership. Ten years ago the first wallets allowing us to use crypto were inconvenient (paper wallet) and often insecure. Only people with extensive knowledge of technology or passion for crypto could properly secure their assets. We then moved to hardware wallets, emphasizing security and giving responsibility to the crypto owner itself.

Old bitcoin paper wallet

The idea of becoming your own bank is one of the fundamentals of cryptocurrencies ideology but creates an extensive barrier of entry for non-teach savvy crypto users. Ease-of-use remains a critical factor, and a distinction became popular amongst early crypto-enthusiasts with “online/hot” wallets providing a better user experience and “offline/cold” wallets bringing significantly higher security.

The regular hacks of online crypto exchanges or noncustodial wallets provide a constant reminder that funds must not be stored online. At the same time, institutional interest in cryptocurrency and other crypto-related assets is now visible. Financial institutions, funds managers, or large crypto holders can’t manage their assets using hardware solutions. They need security software to set extensive rules and policies according to their internal risk management processes.

Today’s offering

Most of the large custodians today are replicating how the traditional custodial works. They offer either:

  • Cold storage solution for long term holding  
  • Tech software suite to build your custody solution yourself. 
  • Financial services on top of the security storage.

They specialize in serving clients with important holdings, large traders, banks with extensive risk management policies, or crypto exchanges looking for financial services. Their business model is based on assets under management or transaction fees pushing them to constantly attract clients with large holdings. They have been highly successful in this, and the assets under custody (AUC) are growing up fast.

Crypto assets under custody growth 

An unserved market.

At atato, we believe that crypto custody should not be reserved for large financial institutions or crypto wales but, on the contrary, be offered as an alternative between a Metamask wallet and a fortune 500 custodian.

As more and more people hold a large part of their savings in cryptocurrencies or earn passive income with it, everyone should be able to access a secure and regulated crypto custodian with the same underlying security technology as a financial institution. 

As Security is the number one topic of discussion when holding cryptocurrencies (maybe after price fluctuation), we need a solution that would be easily accessible, flexible, and affordable.

That is why with atato custody, we offer the features that we wished we could have as a cryptocurrency holder and user:

  • Online signup. Most custodians ask you to set up a demo call first to understand your business and the number of assets you plan to secure. With atato custody, you can directly go to app.atato.com and start securing your assets.
  • Flexibility. One of the bottlenecks of a custodian is adding new tokens. As more and more tokens pop up, you must have a custodian who will not block any token you wish to hold. With atato custody, we have this unique feature that we call “bring your own token” where you can add any ERC20 token in one click.
  • Fixed price. Almost every custodian is pricing its services with assets under management or transaction fees. It might become costly if the number of assets grows or transact often. With atato custody, we offer a fixed price per month no matter the amount of assets.

and many more to come ….

So why would you need a custodian?

Today, if you are a corporate, a fund, or a large crypto holder, several solutions are available to secure your cryptocurrencies with differents advantages and security issues:

  • Store it on an exchange. Easy to trade, but your digital assets do not belong to you anymore.
  • Use a hardware wallet. Secure but with high risks to lose your crypto holding in case of mistake or seed phrase issues.
  • Online wallet (like metamask). Perfect to use web3 dapps but light security.
  • Large custodian. Great solution but difficult to generate interest from them if your crypto holdings are not large enough.

As a business holding cryptocurrencies or receiving crypto payments, you can’t delegate the responsibility of security to only one of your employees. You need appropriate risk management policies tailor-made for your digital assets to distribute the responsibilities of managing your crypto assets.

More than just a secure wallet a custodian allows you to invite several approvers, set up rules depending on the amount of the transaction, restrict the time of transfer or basically make sure that no unwanted transaction occurs. With atato custody, you can do all of the above to make sure that your crypto assets are properly managed and secured.

To wrap up, if you want to know more about atato custody, our features, security or compliance you can register with your work email on app.atato.com and check our product documentation here.

For more information contact us at [email protected]

Maxime Paul

CMO at www.atato.com

Ethereum Layer 2 scaling solution overview

Watch the replay of the Bangkok Blockchain Meetup in partnership with ConsenSys on Ethereum layer 2 scaling solution. A discussion with experts from Consensys, Atato, Matter Labs, Off-Chain labs, and Scroll tech about L2 scaling solutions, rollups, and the future of Ethereum scalability. The event was a massive success with over 1300 registrants and featured the most prominent experts of the L2 ecosystem.    

Digital Assets Regulation is evolving in South East Asia.

From the beginning, discussions, and arguments around cryptocurrencies and digital assets have always been linked to regulation. Crypto has shaken up opportunities and possibilities for financial institutions, consumers, and investors and is now forcing regulators worldwide to come up with new licenses and frameworks. 

The recent rise in digital assets adoption (especially by financial institutions and corporations) has forced regulators to speed up their efforts. We are seeing a rapid evolution sustaining the increasing adoption, especially in South East Asia. 

New regulations implementation takes time and a lot of effort to share knowledge and understand new technologies, opportunities, risks, and consequences. For example, it took years to have The Financial Action Task Force (FAFT) set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system (https://www.fatf-gafi.org/). The FAFT only issued recommendations on a risk-based approach for virtual asset service providers in 2019.

As a first step into establishing frameworks, several regulators decided to start regulating Initial Coin Offering (ICO) due to the several frauds and scams organized by unscrupulous cryptocurrency promoters. The growth of the cryptocurrency ecosystem and the complexity of services provided by digital asset businesses alerted the regulators to clarify the conditions for the provisions of such services.

The focus of the regulator has always been:

  1. To protect investors and consumers.
  2. To avoid any criminal from abusing the financial system.
  3. To create mutual trust. 

After clarifying ICOs (in Thailand, Singapore, and many other jurisdictions), the regulators focused on regulating more activities and businesses such as exchanges, brokers, advisory company and custodian; however, the strategies and methodologies for obtaining such results were quite different depending on the jurisdiction. 

The regulatory framework is evolving rapidly regarding digital assets, especially with custodians, with few jurisdictions set to develop their conditions in 2022.

Thailand

Defined in the 2018 Royal Decree on Digital Asset Businesses, the Thai SEC included rules and regulations and a provision of custodial service conditions by a foreign custodian. Initially, the SEC planned to issue the custodian license around July 2021 but has been postponed to 2022.

Hong Kong

Manages to integrate the status of custodian for digital assets within its existing laws.

Malaysia

Creates a new license and regulatory framework to provide custodial services and authorizes foreign custodians to deliver the services. 

Singapore

Creates a new set of rules (2019 Payment Services Act) including condition provision of custodial service. They plan to issue a license for crypto assets custody in 2022

The current objectives of the regulator are to provide clarification and guidelines for the provision of custodial services as soon as possible to support the rapid increase of financial institutions looking at using those services. Southeast Asia is favorable for cryptocurrencies; we expect a clear regulatory framework for digital assets custody by 2022.

Atato is now a fully licensed digital asset custodian under the Hong Kong Trust Licence framework and can service financial institutions and crypto businesses in several southeast Asian jurisdictions.

If you want to know more about atato custody and try our security solution for free, you can register here to get your free trial: https://pages.atato.com/atato-custody-launch 

Clement Berger CLO at Atato

 

Atato is now a fully licensed custodian for digital assets.

Atato, the leading digital assets technology company, announced today that it had secured a Trust Licence under the Hong Kong Trust Ordinance. It allows atato to become a fully regulated digital assets custodian to serve regulated financial institutions and digital assets businesses in the region.

As more and more countries in Southeast Asia are implementing cryptocurrency custody regulations, atato continues to strengthen its position to onboard more financial institutions and accelerate its development in the region.

This is an important milestone for atato as a company but also to increase confidence in our custody solution. Since 2018 we have been working with banks and crypto businesses hand in hand with the regulators. As we launched our cryptocurrency custody platform earlier this year, this is the next milestone for us in accelerating the rollout of our product. We enable DeFi startups, token issuers, exchanges, brokers, and businesses holding crypto to secure them with an easy-to-use interface. And now, our clients can be assured of our compliance with their local regulations.” — Guillaume Le Saint CEO and founder, atato

We are proud to be joining major regulated companies such as BitGo or Coinbase Custody as licensed custodians. This is only the first step of our compliance journey as more and more countries are defining their digital assets and custodian license framework ” — Clement Berger Chief Legal and Compliance Officer, atato.

Following the granting of the license atato will be offering its innovative crypto custody solution to financial institutions and accelerating the onboarding of clients with regulatory obligations.

Atato Custody is a modern digital assets custody platform where businesses can securely store and manage their cryptocurrencies using a web application, mobile application, and APIs. We want to help businesses save time and money by creating a simple yet powerful service for them to make deposits, withdrawals and use dApps. Our mission is to build a user-friendly and secure next-generation operating system for everyone to interact with blockchains.

If you want to onboard and try atato for free you can register here to get access: https://pages.atato.com/atato-custody-launch

The Ethereum Bangkok Event 2021.

This year, over 2000 people registered for the event. Twice as much as 2020. It is undeniable that the blockchain ecosystem in Thailand and South East Asia is growing exponentially.

“The number one country globally in terms of users is Philippines!” said Jacob Cantele, head of operation at Metamask.

The number of adopters also shows the rise of NFT and DeFi companies in the region. It is no surprise that the fastest-growing countries in terms or users are the Philippines and Vietnam. We had great insight from GuilFi and KX during the NFT panel on play to earn and how it is changing the blockchain ecosystem overall.

On the enterprise side Charles d’Haussy, managing director of ConsenSys APAC gave a great recap on the state of Ethereum in 2021, Central Banks Digital Currencies are on the rise. Kaleido and Baker Mc Kenzie completed the second session on the state of enterprise blockchain.

Decentralized Finance was also a central discussion during the event with a Focus on Thailand first withKulap, SCB10x, Merkle Capital and Band Protocol, and a broader version at the end of the data with the 2 massive protocols Alpha Finance and Aave.

Last but not least, Atato, Zipmex and Fraction touched on digital asset security and use case innovation. Overall, Ethereum is still the number one blockchain where innovation is happening and new trends are launched.

You can watch the different sessions here:

Fireside chat with Metamask.

The state of blockchain for enterprise with Kaleido and Baker McKenzie

DeFi Thailand with Kulap, SCB10x, Band protocol and Merkle Capital

The state of Ethereum in 2021 with ConsenSys

The Ethereum foundation: blockchain adoption, insights from the development sector.

The NFT growing ecosystem with GuildFi, KX and Bitkub

The Digital asset space with Atato, Zipmex and Fraction

DeFi world with Aave and Alpha Finance

If you want to know more or are looking for a custody solution you can register here or contact us at [email protected]

The atato team

Why did we build atato custody?

For the past 3 years we built blockchain solutions for the financial services industry. Our clients were national banks, brokers, digital assets exchanges, and decentralized finance protocols. All of them were facing the same issues: how to store and manage crypto assets efficiently?

Today we are launching the custody solution that we believe answers most of the challenges that businesses are facing by holding or managing cryptocurrencies.

As a cryptocurrencies user (some of our clients pay us in crypto) we started looking at custody providers on the market to store our digital assets. Custody solutions are not new, large custodians securing billions of assets for many years are already well established. We studied their offerings including security, price, functions, and capabilities. None of them were actually fitting our needs. Mostly, the underlying cryptography technology was not the most efficient or the features didn’t allow enough flexibility for users. But first and foremost, the process it took before you could start using the custody service is far from an easy online sign-up you would expect. It was unnecessarily time-consuming, and even after that you don’t usually get to test the product before payment..

The problem.

  • For most of them you had to go through a sales representative, book a demo, make 2 or 3 calls before getting documentation and access. It is very unlikely that a “simple business-owning crypto” was going to go through that process just to store assets.
  • Moreover the pricing was always based on assets under management or transaction fees, meaning the target customers of a few thousand usd in digital assets was not one of their targets.
  • On top you could only store tokens that were supported by the custodian. No smaller ERC20 or new Defi protocols. The process of listing was often long and with no guarantees.
  • No DeFi lending and staking integration for most of them.

What’s available today.

Owning digital assets or being paid in cryptocurrencies when you are a company today is not a simple task. Businesses have rules, regulations, and different departments with different mandatory requirements. Today for an enterprise to own or receive crypto assets you don’t have much options:

  • . While being a very good solution for individuals willing to be their own banks, they present major risk management issues when you are a corporate. Who in your company will have the responsibility to manage those assets and how? What if a mistake is made? What is the recovery process?
  • . The most trusted Web3 wallet is a perfect tool to access all the Ethereum ecosystem. However, securing your Metamaks to an enterprise-grade standard is not easy. Many hacks and stolen passwords have been reported. The security is simply not good enough.
  • . While they are extremely successful for large institutions they are built around the same principles of traditional custodians. They are extremely effective for financial services such as liquidity or clearing but not that much for the simple storage of digital assets. Their customers are handling large amounts of cryptocurrencies with large deposits and withdrawals as well as many transactions per day. Their pricing is also reflected by using either asset under management (AUM) or transaction fees.

All the above flaws presented room to improve in the market: building a custody solution for any business holding cryptocurrencies from the exchange handling thousands of transactions a day to a smaller business just looking at storing its digital assets with an enterprise-grade solution.

Building the product we wanted as a user.

Atato Custody was imagined around the user first in mind.

  • : atato custody uses multi-party computation for decentralized security. Our secured cryptography key management system is audited and certified.
  • : atato custody allows transaction and change policies approved by multiple parties to avoid a single point of failure.
  • : atato custody offers disaster recovery. As every human can make a mistake it allows your business to handle digital assets custody by yourself while having a backup in case of password loss.
  • : with atato custody, you can set up your own rules according to your company’s risk management policies. Different amounts of crypto transfer might need different approvals. For the best practice of monitoring, you can also generate regulatory-required reports and export any transaction information at your disposal. On our platform, all of this process is customizable as per your needs.
  • : we believe that tokens are going to become more and more regional and in a much greater number. With that in mind, we allow our clients to list any ERC 20 (and other chains soon) with one click. You don’t need to wait for your custodian to list your token anymore. We call this feature: .
  • : as mentioned above most of the custodians use AUM or a number of transactions to set their price. We believe that a business should be able to predict their cost no matter the amount of crypto you own. We offer a fixed price per user with no AUM or transaction fees.
  • : Create as many wallets as you need while saving up 90% in transactions and ERC 20 fees with our MPC technology.

Custody on the rise

As businesses around the world are adopting digital assets at an increasing rate the need for custodians service will only continue to grow. So far offerings on the market were mainly tailored for large financial institutions or crypto exchanges but with the adoption by smaller companies we need a product that fit their needs while maintaining the same level of security,

AUM managed by custodians are growing fast.

Welcome to atato custody.

With atato custody, we want to offer the same security whether you are an exchange handling billions of USD value in crypto or if you are a business holding just a few thousand. That is why we are now offering our solution for any businesses holding crypto with the same infrastructure.

Following our first requirements we are offering online signup for our application coming out early November. You can already register here to get your private access: https://pages.atato.com/atato-custody-launch

. Atato custody will soon be allowing you to do much more:

  • Lend or stake on major DeFi protocols
  • Bring your own chain. Add any blockchain you want in one click
  • Custody wallet with exchange integration.

And many other features are coming up!

Onboard with atato custody today and try our unique features! We are making a limited offer for our public launch with 3 months for free for any company onboarding with us within End of November. Try it and adopt it.

Get your free trial access!

Maxime Paul